Last year Barclays’ profit after tax was about £3 billion. Any fine of less than £1 billion is, therefore, largely irrelevant. If Barclays shareholders had seen a significant chunk of the profits disappear in a fine, with a concomitant drop in the share price, it would not be long before they straightened out the board.

Sneak Peek: David Davis MP, who chaired the Future of Banking Commission in 2010, thinks the £291 million fine levied against Barclays for its role in the Libor scandal just isn’t enough.


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